Form N-20 Schedule D "Capital Gains and Losses" - Hawaii

What Is Form N-20 Schedule D?

This is a legal form that was released by the Hawaii Department of Taxation - a government authority operating within Hawaii.The document is a supplement to Form N-20, Partnership Tax Return. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on January 1, 2019;
  • The latest edition provided by the Hawaii Department of Taxation;
  • Easy to use and ready to print;
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  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form N-20 Schedule D by clicking the link below or browse more documents and templates provided by the Hawaii Department of Taxation.

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STATE OF HAWAII—DEPARTMENT OF TAXATION
SCHEDULE D
2020
Capital Gains and Losses
FORM N-20
(REV. 2020)
To be filed with Form N-20
Name of Partnership
Federal Employer I.D. No.
Part I
Short-Term Capital Gains and Losses — Assets Held 1 Year or Less
(a) Description of property
(b) Date acquired
(c) Date sold
(d) Sales price
(e) Cost or other basis
(f) Gain or (loss)
(e.g., 100 shares
of “Z” Co.)
(month, day, year)
(month, day, year)
(See Instructions.)
(See Instructions.)
(column (d) minus column (e))
1
2 Short-term capital gain from installment sales from federal Form 6252 .............................................................................
2
3 Short-term capital gain (loss) from like-kind exchanges from federal Form 8824 ..............................................................
3
4 Partnership’s share of net short-term capital gain (loss), including specially allocated short-term capital gains (losses),
4
from other partnerships, estates, and trusts ........................................................................................................................
5 Short-term gain from stock acquired through stock options from qualified high technology businesses ...........................
5
(
)
6 Net short-term capital gain or (loss). Add lines 1 through 5 in column (f). Enter here and on Schedule K (Form N-20),
6
line 8 or 11 ...........................................................................................................................................................................
Part II
Long-Term Capital Gains and Losses — Assets Held More Than 1 Year
7
8 Long-term capital gain from installment sales from federal Form 6252 ..............................................................................
8
9 Long-term capital gain (loss) from like-kind exchanges from federal Form 8824 ...............................................................
9
10 Partnership’s share of net long-term capital gain (loss), including specially allocated long-term capital gains (losses),
10
from other partnerships, estates, and trusts ........................................................................................................................
11 Capital gain distributions .....................................................................................................................................................
11
12 Long-term gain from stock acquired through stock options from qualified high technology businesses ...........................
12
(
)
13 Net long-term capital gain or (loss). Add lines 7 through 12 in column (f). Enter here and on Schedule K (Form N-20),
13
line 9 or 11 ...........................................................................................................................................................................
General Instructions
ty is involuntarily converted because of a casual-
after the year of sale, must be reported using
ty or theft, use federal Form 4684, Casualties and
the installment method on federal Form 6252,
(Section references are to the Internal Revenue
Thefts.
Installment Sale Income, unless the partner-
Code unless Hawaii Revised Statutes (HRS) is
ship elects to report the entire gain in the year
indicated.)
Gain and losses from section 1256 contracts
of sale. The partnership should also use fed-
and straddles are reported on federal Form 6781,
Purpose of Schedule
eral Form 6252 if it received a payment this
Gains and Losses From Section 1256 Contracts
year from a sale made in an earlier year on
and Straddles. If there are limited partners, see
Use Schedule D (Form N-20) to report the sale or
the installment method.
section 1256(e)(4) for the limitation on losses
exchange of capital assets, except capital gains
from hedging transactions.
If the partnership wants to elect out of the
(losses) that are specially allocated to any part-
installment method for installment gain that is
An exchange of business or investment prop-
ners.
not specially allocated among the partners, it
erty for property of a like kind is reported on fed-
Enter capital gains (losses) specially allocat-
must report the full amount of the gain on a
eral Form 8824, Like-Kind Exchanges.
ed to the partnership as a partner in other part-
timely filed return (including extensions).
For more information, see federal Publication
nerships and from estates and trusts on Sched-
If the partnership wants to elect out of the
544, Sales and Other Dispositions of Assets.
ule D (Form N-20), line 4 or 10, whichever ap-
installment method for installment gain that
plies. Enter capital gains (losses) of the partner-
Items for Special Treatment
is specially allocated among the partners, it
ship that are specially allocated to partners di-
must do the following on a timely filed return
rectly on line 8, 9, or 11 of Schedule K and K-1
All income earned and proceeds derived from
(including extensions):
(Form N-20), whichever applies. Do not include
stock options or stock, including stock issued
1. For a short-term capital gain, report the
these amounts on Schedule D. See How In-
through the exercise of stock options or war-
come Is Shared Among Partners in the Instruc-
full amount of the gain on Schedule K
rants, from a qualified high technology busi-
(Form N-20), line 8 or 11.
tions for Form N-20 for more information.
ness or from a holding company of a qualified
For a long-term capital gain, report the
high technology business by an employee,
General Information
officer, or director of the qualified high tech-
full amount of the gain on Schedule K
nology business, or investor who qualifies for
To report sales or exchanges of property other
(Form N-20), line 9 or 11.
the high technology business investment tax
than capital assets, including the sale or ex-
2. Enter each partner’s share of the full
credit is excluded from income taxes.
change of property used in a trade or business
amount of the gain on Schedule K-1 (Form
and involuntary conversions (other than casual-
Gain from the sale of property (other than
N-20), line 8, 9, or 11, whichever applies.
ties and thefts) see Schedule D-1, Sales of Busi-
publicly traded stock or securities) for which
ness Property, and related instructions. If proper-
any payment is to be received in a tax year
(Continued on next page)
Schedule D
ID NO 01
Form N-20
N20SCHD_I 2020A 01 VID01
Clear Form
STATE OF HAWAII—DEPARTMENT OF TAXATION
SCHEDULE D
2020
Capital Gains and Losses
FORM N-20
(REV. 2020)
To be filed with Form N-20
Name of Partnership
Federal Employer I.D. No.
Part I
Short-Term Capital Gains and Losses — Assets Held 1 Year or Less
(a) Description of property
(b) Date acquired
(c) Date sold
(d) Sales price
(e) Cost or other basis
(f) Gain or (loss)
(e.g., 100 shares
of “Z” Co.)
(month, day, year)
(month, day, year)
(See Instructions.)
(See Instructions.)
(column (d) minus column (e))
1
2 Short-term capital gain from installment sales from federal Form 6252 .............................................................................
2
3 Short-term capital gain (loss) from like-kind exchanges from federal Form 8824 ..............................................................
3
4 Partnership’s share of net short-term capital gain (loss), including specially allocated short-term capital gains (losses),
4
from other partnerships, estates, and trusts ........................................................................................................................
5 Short-term gain from stock acquired through stock options from qualified high technology businesses ...........................
5
(
)
6 Net short-term capital gain or (loss). Add lines 1 through 5 in column (f). Enter here and on Schedule K (Form N-20),
6
line 8 or 11 ...........................................................................................................................................................................
Part II
Long-Term Capital Gains and Losses — Assets Held More Than 1 Year
7
8 Long-term capital gain from installment sales from federal Form 6252 ..............................................................................
8
9 Long-term capital gain (loss) from like-kind exchanges from federal Form 8824 ...............................................................
9
10 Partnership’s share of net long-term capital gain (loss), including specially allocated long-term capital gains (losses),
10
from other partnerships, estates, and trusts ........................................................................................................................
11 Capital gain distributions .....................................................................................................................................................
11
12 Long-term gain from stock acquired through stock options from qualified high technology businesses ...........................
12
(
)
13 Net long-term capital gain or (loss). Add lines 7 through 12 in column (f). Enter here and on Schedule K (Form N-20),
13
line 9 or 11 ...........................................................................................................................................................................
General Instructions
ty is involuntarily converted because of a casual-
after the year of sale, must be reported using
ty or theft, use federal Form 4684, Casualties and
the installment method on federal Form 6252,
(Section references are to the Internal Revenue
Thefts.
Installment Sale Income, unless the partner-
Code unless Hawaii Revised Statutes (HRS) is
ship elects to report the entire gain in the year
indicated.)
Gain and losses from section 1256 contracts
of sale. The partnership should also use fed-
and straddles are reported on federal Form 6781,
Purpose of Schedule
eral Form 6252 if it received a payment this
Gains and Losses From Section 1256 Contracts
year from a sale made in an earlier year on
and Straddles. If there are limited partners, see
Use Schedule D (Form N-20) to report the sale or
the installment method.
section 1256(e)(4) for the limitation on losses
exchange of capital assets, except capital gains
from hedging transactions.
If the partnership wants to elect out of the
(losses) that are specially allocated to any part-
installment method for installment gain that is
An exchange of business or investment prop-
ners.
not specially allocated among the partners, it
erty for property of a like kind is reported on fed-
Enter capital gains (losses) specially allocat-
must report the full amount of the gain on a
eral Form 8824, Like-Kind Exchanges.
ed to the partnership as a partner in other part-
timely filed return (including extensions).
For more information, see federal Publication
nerships and from estates and trusts on Sched-
If the partnership wants to elect out of the
544, Sales and Other Dispositions of Assets.
ule D (Form N-20), line 4 or 10, whichever ap-
installment method for installment gain that
plies. Enter capital gains (losses) of the partner-
Items for Special Treatment
is specially allocated among the partners, it
ship that are specially allocated to partners di-
must do the following on a timely filed return
rectly on line 8, 9, or 11 of Schedule K and K-1
All income earned and proceeds derived from
(including extensions):
(Form N-20), whichever applies. Do not include
stock options or stock, including stock issued
1. For a short-term capital gain, report the
these amounts on Schedule D. See How In-
through the exercise of stock options or war-
come Is Shared Among Partners in the Instruc-
full amount of the gain on Schedule K
rants, from a qualified high technology busi-
(Form N-20), line 8 or 11.
tions for Form N-20 for more information.
ness or from a holding company of a qualified
For a long-term capital gain, report the
high technology business by an employee,
General Information
officer, or director of the qualified high tech-
full amount of the gain on Schedule K
nology business, or investor who qualifies for
To report sales or exchanges of property other
(Form N-20), line 9 or 11.
the high technology business investment tax
than capital assets, including the sale or ex-
2. Enter each partner’s share of the full
credit is excluded from income taxes.
change of property used in a trade or business
amount of the gain on Schedule K-1 (Form
and involuntary conversions (other than casual-
Gain from the sale of property (other than
N-20), line 8, 9, or 11, whichever applies.
ties and thefts) see Schedule D-1, Sales of Busi-
publicly traded stock or securities) for which
ness Property, and related instructions. If proper-
any payment is to be received in a tax year
(Continued on next page)
Schedule D
ID NO 01
Form N-20
N20SCHD_I 2020A 01 VID01
SCHEDULE D
Form N-20
(REV. 2020)
Page 2
Columns (b) and (c) — Date
Column (f) — Gain or (Loss)
For other items for special treatment, see the
federal Instructions for Schedule D (Form
Acquired and Date Sold
Make a separate entry in this column for each
1065).
transaction reported on lines 1 and 7 and any
Use the trade dates for date acquired and date
Constructive sales treatment for certain ap-
other line(s) that applies to the partnership. For
sold for stocks and bonds traded on an exchange
preciated positions.
lines 1 and 7, subtract the amount in column (e)
or over-the-counter market.
Generally, the partnership must recognize gain
from the amount in column (d). Enter negative
Column (d) — Sales Price
(but not loss) on the date it enters into a construc-
amounts in parentheses.
tive sale of any appreciated position in stock, a
Enter in this column either the gross sales price
Lines 4 and 10 — Capital Gains and
partnership interest, or certain debt instruments
or the net sales price from the sale. On sales of
Losses From Other Partnerships,
as if the position were disposed of at fair market
stocks and bonds, report the gross amount as re-
Estates, and Trusts
value on that date.
ported to the partnership by the partnership’s
broker on federal Form 1099-B, Proceeds From
For more details, see the federal Instructions
See the Schedule K-1 or other information sup-
Broker and Barter Exchange Transactions, or
for Schedule D (Form 1065) and federal Publica-
plied to you by the other partnership, estate, or
similar statement. However, if the broker advised
tion 550, Investment Income and Expenses.
trust.
the partnership that gross proceeds (gross sales
Rollover of gain from qualified stock.
Lines 5 and 12 — Short-Term and
price) less commissions and option premiums
If the partnership sold qualified small business
were reported to the Department of Taxation, en-
Long-Term Capital Gains From
stock it held for more than six months, it may
ter that net amount in column (d).
Stock Acquired Through Stock
postpone gain if it purchased other qualified
Column (e) — Cost or Other Basis
Options From Qualified High
small business stock during the 60-day period
that began on the date of the sale. The partner-
Technology Businesses
In general, the cost or other basis is the cost of
ship must recognize gain to the extent the sale
the property plus purchase commissions and im-
All income earned and proceeds derived from
proceeds exceed the cost of the replacement
provements and minus depreciation, amortiza-
stock options or stock, including stock issued
stock.
Reduce the basis of the replacement
tion, and depletion. If the partnership received
through the exercise of stock options or warrants,
stock by any postponed gain.
the property in a tax-free exchange, involuntary
from a qualified high technology business or from
If the partnership chooses to postpone gain,
conversion, or wash sale of stock, it may not be
a holding company of a qualified high technology
report the entire gain realized on the sale on line
able to use the actual cash cost as the basis. If
business by an employee, officer, or director of
1 or 7. Directly below the line on which the part-
the partnership does not use cash cost, attach an
the qualified high technology business, or inves-
nership reported the gain, enter in column (a)
explanation of the basis.
tor who qualifies for the high technology business
“Section 1045 Rollover” and enter as a (loss) in
investment tax credit is excluded from income
When selling stock, adjust the basis by sub-
column (f) the amount of the postponed gain.
taxes.
tracting all the stock-related nontaxable distribu-
Caution: The partnership also must separately
tions received before the sale. This includes non-
Use lines 5 and 12 to reduce the partnership’s
state the amount of the gain rolled over on quali-
taxable distributions from utility company stock
capital gain for these amounts reported on other
fied stock under section 1045 on Form N-20,
and mutual funds. Also adjust the basis for any
lines of Schedule D.
Schedule K, line 11, because each partner must
stock splits or stock dividends.
Line 11 — Capital Gain Distributions
determine if they qualify for the rollover at the
If a charitable contribution deduction is
partner level. Also, the partnership must sepa-
passed through to a partner because of a sale
On line 11, column (f), report as capital gain dis-
rately state on that line (and not on Schedule D)
tributions (a) capital gain dividends and (b) the
of property to a charitable organization, the ad-
any gain that would qualify for the section 1045
justed basis for determining gain from the sale is
partnership’s share of undistributed capital gains
rollover at the partner level instead of the partner-
an amount that has the same ratio to the adjust-
from a regulated investment company or real es-
ship level (because a partner was entitled to pur-
ed basis as the amount realized has to the fair
tate investment trust (REIT). Report the partner-
chase replacement stock) and any gain on quali-
market value.
ship’s share of Hawaii income taxes paid on un-
fied stock that could qualify for the 50% exclusion
distributed capital gains by a regulated invest-
See section 852(f) for the treatment of certain
under section 1202.
ment company or REIT on a statement attached
load charges incurred in acquiring stock in a mu-
Specific Instructions
to Form N-20 for Schedule K, line 33, and on
tual fund with a reinvestment right.
Schedule K-1, line 38.
If the gross sale price is reported in column
Lines 1 and 7 — Short-Term and
(d), increase the cost or other basis by any ex-
Long-Term Capital Gains and
pense of sale, such as broker’s fees, commis-
Losses
sions, or option premiums, before making an en-
try in column (e).
If more space is needed, attach a statement.
For more information, see federal Publication
551, Basis of Assets.
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